PartnerRe Ltd. PRE today announced that it has received an unsolicited
proposal from EXOR (EXO IM), a European investment company controlled by the
Agnelli family, to acquire 100% of the common shares of the company for
$130.00 per share in cash, valuing PartnerRe at $6.4 billion.
As was previously announced on January 25, 2015, PartnerRe has entered into a
definitive amalgamation agreement with AXIS Capital to combine and create one
of the world's leading specialty insurance and reinsurance companies.
Consistent with its fiduciary duties, the PartnerRe Board of Directors will
review the EXOR proposal to determine the course of action that it believes is
in the best interests of PartnerRe and its shareholders. The Board will
announce its position regarding the EXOR proposal following its review, which
will be completed in due course.
Credit Suisse is acting as financial advisor and Davis Polk & Wardwell LLP and
Appleby (Bermuda) Limited are acting as legal counsel to PartnerRe.
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